What Is Cash Gifting?

Cash Gifting is a legitimate way that people with a lot of money share wealth to avoid higher taxes among other things

. The way it works is through an IRS Tax Code (Title 26 sections 2501-2504 and 2511) which states that one may gift any individual up to a certain amount of money each year. The amount of money is determined and adjusted each year. It is approximately $12,000 right now. This is used as a way to release burden, escape a tax bracket, or lower the tax bracket for the heirs of an estate.

So why are there so many tax-gifting programs out there available to people like you or me who do not have a lot of money? This is because there is an illusion of legality within tax gifting and with legality comes easy manipulation. What is not included is that also with the tax code, there is a statement that the gift must truly be a gift and have no anticipation of a return gift. This is why cash gifting programs are illegal.

Within cash gifting programs there is always a promise of large sums of money in return if you join and cash gift someone else. Because of this promise, cash gifting groups are breaking the law. Who is their right mind would use cash gifting to benefit total strangers if they were not receiving any sort of compensation? Not a lot of people. Which is also, why cash gifting programs rarely, if ever, are successful?

There are programs out there that help people who have been conned by these scams to get their money back. If you have been a victim of a scam without knowing the illegality in the logistics, it would be wise to seek one of these programs out. There have been multiple cases of large programs that have been busted by the government, normally started by multiple complaints from average everyday people that got ripped off. The people at the top of the pyramids are normally required to return the money as well as do jail time. Although it may seem promising to enter one of these get rich quick schemes the truth is that all that is involved is normally trouble.

So why do so many people join cash gifting? It is because of the advertisement power that the cash gifting programs have and their power of manipulation.

The programs seem to give everything they promise and the promises seem legitimate. The majority of clientele who do buy into these schemes are people of an older generation who are not used to being constantly bombarded with advertisements and phony infomercials. It is the people who have a common trust in the everyday businessman. Watch out for these schemes, there is nothing worse than throwing your hard-earned money away.

by: John Schnieder

POST COMMENT

"success" Learning From My Parents Mistakes... Canada needs more businessmen to stimulate the economy Don’t forget your letter box when looking at business continuity START AN ONLINE BUSINESS IN A COLLAPSED ECONOMY ASSESSING THE POSSIBLE PROBLEMS ENCOUNTERED BY SMALL BUSINESSES: INITIATIVES FOR STARTING A SMALL BUSINESS: HOW TO COME UP WITH UNIQUE AND PROFITABLE IDEAS FOR A SMALL BUSINESS? 6 VITAL STEPS FOR SMALL BUSINESS START UP: How To Get Speaking Engagements Knowing More About Broadband Scrap Book Ideas As Collections Or Gifts. Secure Fall Speaking Opportunities Now Kidney Donate And Help Other